New Delhi: The cryptocurrency market was trading mixed on Monday, following muted trade in the weekend. The digital token market was bleeding as investors were on their toes amidst weakness in riskier asset classes and Fed’s hawkish view.
Barring XRP and Terra, other altcoins in the top 10 digital tokens were trading lower at 8.30 hours IST. Avalanche dropped 8 per cent, whereas Terra and XRP gained up to 7 per cent each.
The global crypto market cap eased marginally to $2.20 trillion mark compared to the last day. However, the total crypto market volume added about a per cent to $78.82 billion.
What’s cooking in India?
Crypto exchanges and platforms are working on a new code of conduct to navigate existing laws and business landscape while dealing with various government departments like the Income Tax and Enforcement Directorate during the continuing regulatory void.
The older code is being improved to consider closer monitoring of flows, standardizing know-your-customer procedures, keeping tabs on high volume, high frequency transactions, and even introducing tax deduction at source.
In the meantime, the Reserve Bank of India (RBI) has conveyed to its central board that it favors a complete ban on cryptocurrencies, people familiar with deliberations at the central bank’s board meeting told ET.
Expert’s Take
Yves Guillemot, the CEO of Ubisoft, a huge video game company which is responsible for franchises such as Assassin’s Creed, Far Cry, For Honor, Just Dance, Prince of Persia, Rabbids, Rayman, Tom Clancy’s, and Watch Dogs, mentioned that NFTs and blockchains are here to stay, said WazirX Trade Desk.
“The company has also started implementing NFTs in “Ghost Recon Breakpoint”. This is great news for NFTs in general as there can be a lot of NFT use-cases in the gaming space. The NFT space is also getting a lot of public interest as the late-night talk show host, Jimmy Fallon, did a skit on NFTs and crypto,” it added.
Global updates
Venture capital funds have poured about $30 billion into crypto, or more than in all previous years combined for the little more than a decade-old technology.
That’s almost quadruple the previous high of around $8 billion in 2018, or the year following Bitcoin’s more than 1,300 per cent breakthrough gain, according to transaction data compiled by PitchBook Data Inc.
At over $2-3 trillion dollars of valuation, the global cryptocurrency market is nearly as big as the size of the entire Indian economy. $10 billion (₹76,161 crore) of new crypto investments have been made in India just in the last year.
NFT Updates
Joining peers like Coca-Cola, McDonalds, Twitter and Budweiser, Adidas has announced the launch of its first NFT.
Vodafone has decided to auction off the world’s first SMS ‘Merry Christmas’ as an NFT for charity. Based on large MNCs taking active participation in the NFT space, it is no longer a fad and is here to stay.
“Big lifestyle brands like Adidas launched their NFT collection last week. We saw massive sales volume rise on open sea due to the big launch,” said Hitesh Malviya, Founder, Itsblockchain. “We can expect overall NFT sales volume to grow next week because of the upcoming Christmas holidays.”
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